It’s unclear, however, whether prices will remain subdued if the turmoil in Iraq escalates. The clash between militants and the government has pushed crude-oil prices higher in recent days.

“Consumers should brace for some additional wallet-withdrawals in doing their weekly errands as higher gasoline prices will probably join higher food prices very shortly,” Michael Montgomery, an economist at IHS Global Insight, wrote in a report Friday morning.

Consumer confidence already is showing a bit of wariness. Sentiment fell to a three-month low after unexpectedly slipping in June, according to a Thomson Reuters/University of Michigan index.

Even as the economy has added jobs at a decent clip in recent months, recent data, such as sluggish retail sales, suggest that growth is choppy.